Hospitality Staffing Solutions, LLC Completes Asset Sale to Private Investment Firm -- Company Emerges Well Positioned for Growth with Strengthened Balance Sheet and Significant Financial Resources of New Investor Group --
ATLANTA, Jan. 27, 2014 /PRNewswire/ -- Hospitality Staffing Solutions, LLC (HSS), a leading provider of outsourced staffing solutions for the hospitality industry, today announced that it has completed the sale of its assets to HS Solutions Corporation, an entity formed by LJC Investments I, LLC and a group of investors including Littlejohn Opportunities Master Fund, L.P., Caymus Equity Partners and Management.
The transaction allowed HSS to substantially reduce its outstanding indebtedness, shed certain legacy obligations and emerge with the strong financial backing of a new owner.
Rick Holliday, President and CEO, said, "Today is an exciting new day for our company and marks the final step in the plan we laid out last October. With the significant financial resources and backing of our new investor group, we are even better positioned to grow and continue to deliver the highest quality service to our valued customers across the country."
Rick Holliday continued, "I'd like to thank our team members for their tremendous hard work and commitment and our customers and partners for their continued support throughout the process. I look forward to working closely with our talented team members as we take the company to its next phase of growth and development."
Today's announcement also marks HSS's official emergence from Chapter 11. HSS voluntarily filed for Chapter 11 as part of a strategic move to facilitate the asset sale. Throughout the sales process, HSS has continued uninterrupted service to its customers.
About Hospitality Staffing Solutions, LLC
Hospitality Staffing Solutions, LLC (HSS) is the nation's leading hospitality staffing company. Established in 1990, our team of hotel industry experts works with 4 and 5 star properties in 32 states and 71 markets across the country. Our service model offers clients the continuity of full time employees with the scalability of flexible staffing. Visit us at www.hssstaffing.com.
For more information, contact:
Christopher Mittendorf; firstname.lastname@example.org; 212 704 8134
SOURCE Hospitality Staffing Solutions